“That's what Europe has. … If you yell ‘fire!’ I run in. Valuations are incredibly compelling.”

Europe accounts for about 45 percent of the fund’s portfolio, which is devoted mostly to stocks. That percentage may be the highest for any global stock fund, Marcus says.

The fund has underperformed its peers and the iShares MSCI EAFE Index since its inception Dec. 31, 2009. Marcus says that’s because he has been "early" on his European buying.

One of the fund’s largest holdings is Vivendi, the French media and telecommunications company. The company has been "a big disjointed conglomerate, full of disparate media assets, and for the last decade it's been a value trap," Marcus says.

But now it’s reorganizing, and he likes that. "It's a snapshot of what you can find in Europe in all shapes and sizes.”

Others aren’t quite so optimistic.

“Europe’s economic downturn has broadened, with the core of the eurozone now much more affected,” Nicholas Spiro, managing director of Spiro Sovereign Strategy in London, tells Bloomberg. “The bleak economic data out of Europe will further undermine sentiment.”